Time: September 23, 2018
Saudi Arabia’s economy is the fourth largest country at the world level to keep reserve assets. The Kingdom’s reserve assets amount to USD 506.4 billion at the end of the first half of 2018. China is ranked first to keep total reserve assets of USD 3.1 trillion while Japan comes second of USD 1.2 billion and Switzerland comes third of USD 679.4 billion.
The Kingdom is globally ranked first in total foreign assets denominated in the number of months of imports. The Kingdom’s foreign assets cover imports for 29.2 months. The Kingdom is ranked second in the world as the lowest country in ratios of public debt to gross domestic product (GDP). International Monetary Fund’s reports revealed that the rate in the Kingdom amounted to 17.3% during the first half of 2018, while Hong Kong is ranked first in the global decline by 0.1%. In addition, Russia comes after Saudi Arabia by 17.4%, then UAE by 19.5% and Kuwait is ranked fifth by 20.6%.
Saudi Arabia was ranked 14th as the world’s largest economy in terms of gross domestic product based on the purchasing power parity (PPP) denominated in current US dollar. The International Monetary Fund (IMF) reports showed that the Kingdom’s GDP according to purchasing power parity (PPP) is estimated at USD 1.84 trillion in current dollar terms in 2018 that represents about USD 1.37 of the world’s total countries. China is ranked first with about USD 25.2 trillion, US with USD 20.4 trillion, India with USD10.4 trillion, Japan with USD 5.6 trillion, Germany with USD 4.4 trillion, Russia with USD 4.2 trillion, Indonesia with USD 3.5 trillion, Brazil with USD 3.4 trillion, the UK with about USD 3.0 trillion, France with USD 2.9 trillion, Mexico with USD 2.6 trillion and Italy with USD 2.4 trillion.
The Kingdom is globally ranked 14th in the average per capita income calculated on the basis of purchasing power parity (PPP) in 2018. The IMF predicted that the average per capita income calculated on the basis of PPP in Saudi Arabia would amount to USD 55.9 thousand in 2018. The Kingdom is classified as the eighth biggest economy in the world in the international investment position (IIP), which defines the position of creditor and debtor nations at the global level.
The Kingdom’s net international investment position reached USD 554.1 billion (2.08 trillion SR) at the end of the first quarter of 2018. The net international investment position is the total foreign assets minus gross external liabilities. The creditor is countries that increase their foreign assets more than their external liabilities i.e. their net international investment position is positive and vice versa for debtor nations. Japan, Germany, China, Hong Kong, Switzerland, Norway and Singapore occupy the top seven positions.
This article was first published in AlRiyadh Daily
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